Looking for GnuCash users

[Matt Kowske]

Hello,

I am new to the site and am currently working on learning accounting and bookkeeping for our 1st rental property purchase. I am using GnuCash and am looking for other users to get feedback on accounts setup and how they handle expenses, closings, depreciation, etc. Unfortunatley Quickbooks is not an option for me. If there are other GnuCash users out there let me know and I'll reply with some more specific areas I am struggling with, thanks!

[Michael Reach]

Hello @Devon Cornwall.  I ultimately decided against GnuCash.  I actually haven't implemented anything just yet but have narrowed my choices to either a) using Quickbooks Online for $10/mo or b) throwing in the towel and paying for a bookkeeper to do the accounting for me for what will certainly be much more than $10/mo.

A large part of my decision toward Quickbooks Online is that GnuCash doesn't support the concept of classes/tags/sub-customers.  That would make it more difficult to account for rental properties over time where income/expense can be for the same property but different units and different tenants/leases.  That may not be as important to you as a contractor.

I'm also now strongly considering focusing on Notes and having rentals only incidentally so that muddies the waters some with potentially a completely differnt chart of accounts running simultaneously with the rentals.

You may be interested in the somewhat in-depth but not very polished feature comparison I did for 16 accounting platforms and 37 Property Management platforms.  I was discouraged to find that not a single one of the PM platforms (at least in my affordability range) had anything even remotely acceptable for accounting.  I am tentatively moving forward with TenantCloud for Property Management but ignoring their useless accounting and building my own books in QB Online.

That comparison is shared from my Google Drive at the link below:

PM Software Comparison